According to the current Motor Vehicles Department mandate, every two-wheeler on Indian roads must have an active bike insurance policy. Not having insurance is a criminal offence. You can easily obtain a bike insurance policy online in this digital age.
Let us first learn some terminologies used in bike insurance. When purchasing bike insurance, you must consider the various technicalities used in this industry.
You may encounter the following terms:
- IDV: IDV is an abbreviation for Insured Declared Value, which is determined by the model, make, ex-showroom price of the vehicle in question, and its registration cost.
- Deductible: Deductible is the amount that you, the policyholder, must pay for each claim. Suppose, you compare insurance policies online from various sites. In that case, you may enjoy a certain percentage as a concession if you choose the voluntary deductible option.
- NCB: It is an abbreviation for No-Claim Bonus. It’s the special concession that insurance companies provide for each year without
- Third-party liability insurance: This is the required insurance for your two-wheeler. It compensates the third party for damage and other liability issues caused by your vehicle.
* Standard T&C Apply
There are a few other points to consider before buying new bike insurance, such as:
- Selecting a bike insurance policy: When comparing bike insurance policies online, you must keep the following in mind:
- Protection from damage to your vehicle as a result of a natural disaster or theft.
- Personal accidental coverage is required
- Third-party legal responsibility: Third-party liability coverage is usually included under a comprehensive bike insurance policy.
- Policy add-ons: Almost all standard insurance companies offer certain additional benefits that supplement your bike’s basic coverage. Popular add-ons include zero-depreciation coverage, 24×7 roadside assistance coverage, personal accidental coverage for pillion, and accessory coverage. You can compare insurance brokers to determine which company offers the best terms.
- Claim settlement process: This differs slightly between companies. Comparing insurance policies online and offline is best to determine which policy best suits your needs.
If you carefully compare insurance brokers, you will be able to understand these terms as well. You must be prepared with all relevant papers during the claim application process to avoid any delay or hindrance.
Look for a network of garages that accept cashless bike insurance claims: The bigger the network of garages, the better it is for the policyholder.
- Reputation of the company: When applying for bike insurance, you must consider the reputation of the company you are considering. A good track record is a good metric for an insurance company to become a popular choice.
The simplest way to assess an insurance company’s reputation is to examine its customer service, which will be most useful after the policy has been issued.
* Standard T&C Apply
These are the top four factors to consider before purchasing online bike insurance. A careful comparison and consideration on your part before making a decision may always serve you best. Do a bike insurance check online of various policies while selecting new bike insurance or renewing old policies.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.